Gain a solid foundation in micro and macroeconomics. Learn how markets function, how economies evolve, and how AI and technology influence inflation, labor, and business strategy in today’s global environment.
Overview
This module provides a broad overview of economics, teaching students how economic principles govern business environments and influence decision-making at both micro and macro levels. In the microeconomics portion, students study how markets function – supply and demand, pricing, consumer behavior, and different market structures (competition vs. monopoly). In the macroeconomics portion, they examine factors that affect the economy as a whole, such as inflation, employment, economic growth, and government policies. The course ties these concepts to real-world business implications, including how companies adapt to economic changes. Additionally, it explores how technology and AI are impacting economic trends, for instance, through automation’s effect on labor markets or big data’s role in economic forecasting. By understanding economics, students can better strategize in business, anticipating market shifts and policy impacts.
The Details
FOR SKILLSFUTURE CLAIMS
Registered Title: (Principles of Economics
(Classroom & Asynchronous))
TPGateway Code:
total hours
41:00
Mode of Learning
On Campus
Curriculum
Course Duration
SSG Approved Training & Assessments Hours:41:00Trainer Facilitated Hours (On Campus/Virtual):32:00Self-Directed E-learning Hours:04:00Assessment Hours:05:00
Programme Objectives
Upon completion of this module, students will be able to:
Explain core microeconomic concepts (such as supply and demand, elasticity, and market equilibrium) and how they determine prices and outputs in various markets.
Analyze different market structures (perfect competition, monopolistic competition, oligopoly, monopoly) and understand the business strategies and outcomes associated with each.
Understand key macroeconomic indicators (GDP, economic growth rates, inflation, unemployment, interest rates) and discuss how changes in these indicators can impact business operations and strategic planning.
Discuss the influence of technology and AI on the economy, including topics like automation in industry, the digital economy, and how businesses and labor markets adapt to technological change.
Course Topics
Introduction to Microeconomics
Learning Outcome: Scarcity and resource allocation, supply and demand curves, market equilibrium and effects of shifts in supply/demand (with examples like pricing of products).
Elasticity and Consumer Behavior
Learning Outcome: Price elasticity of demand/supply and its importance for business pricing decisions; basics of consumer choice theory.
Market Structures and Competition
Learning Outcome: Characteristics of different market structures (competitive markets, oligopolies, monopolies), implications for pricing power and innovation; real-world examples in various industries.
Introduction to Macroeconomics
Learning Outcome: Circular flow of income, calculation of GDP and economic growth; roles of consumers, businesses, and government in the economy.
Economic Indicators
Learning Outcome: Understanding inflation (CPI), unemployment rates, interest rates, and how monetary and fiscal policy (central bank actions, government spending/taxation) influence the business cycle.
Global and Digital Economy
Learning Outcome: Basics of international trade and exchange rates; discussion of how globalization and digitalization (e.g., e-commerce, AI-driven automation) are changing economic landscapes. This includes case studies like the impact of AI on productivity and job creation/automation, and the emergence of new markets in the tech sector.
Business Strategy in Economic Context
Learning Outcome: How businesses perform environmental scanning for economic trends, and adapt strategy accordingly (for example, adjusting operations in a recession or capitalizing on low interest rates for expansion).
To enrol, you must fulfil the following requirements
1
AGED 16 YEARS AND ABOVE
and
2
GCE ‘O’ LEVEL CREDITS WITH MINIMUM GRADE C6 FOR 3 SUBJECTS, INCLUDING ENGLISH AND MATHEMATICS;
OR
3
WSQ ADVANCED CERTIFICATE IN ANY FIELD;
OR
4
ADVANCED CERTIFICATE IN A BUSINESS MANAGEMENT – RELATED FIELD (E.G., ACCOUNTING, PROJECT MANAGEMENT, HUMAN RESOURCES, ETC.) FROM ANY PRIVATE EDUCATION INSTITUTION (PEI);
OR
5
HIGHER NITEC
and
6
ALL STUDENTS ARE REQUIRED TO HAVE BASIC KNOWLEDGE OF COMPUTER AND MICROSOFT OFFICE.
Graduation
To graduate, you must fulfil the following requirements
1
International Students
To enrol, you must fulfil the following requirements
1
AGED 16 YEARS AND ABOVE
and
2
FORMAL INTERNATIONAL YEAR 10 EDUCATION;
OR
3
QUALIFICATIONS FROM PROFESSIONAL INSTITUTES MAY BE CONSIDERED ON A CASE-BY-CASE BASIS;
and
4
PASS TEMBUSU ENTRANCE TEST
and
5
English Requirements: Possess a minimum credit in English at GCE ‘O’ Level or its equivalent OR IELTS score 5.5 or TOEFL score 46
OR
6
PASS TEMBUSU'S ENGLISH TEST
and
7
ALL STUDENTS ARE REQUIRED TO HAVE BASIC KNOWLEDGE OF COMPUTER AND MICROSOFT OFFICE.
Graduation
To enrol, you must fulfil the following requirements
